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Reagrding choice A: Refer the table on page 65. Row five from the top shows “Expense Reimbursement” of $330k. Compare this to “Other Operating Expenses” in the second-last row: $2.1M. Based on the difference, it should be evident that the owner is on the hook for a majority of the expenses (~85%).
Regarding choice C: Here’s how I interpreted this. The answer says, “There is a significant amount of percentage rent linked to sales levels.” So think of a number line from 1 to 1000. Let’s say the sales level (the natural breakpoint) is set to 900. To me, a significant amount of rent income is generated up to that level, 900. So the statement “sounds” correct. Now take the solution explanation - “there is a minimal amount of percentage rent linked to sales thresholds.” I think here they’re talking about rent generated above the 900 threshold. Note that I’m not disagreeing with you guys completely - I still think this is obscure.
As I said earlier, the question is arcane. I wouldn’t worry too much about it… if you absolutely must, open an inquiry with the CFAI. They’re pretty good at responding to these things. At least as far as the real exam goes, we’ll have questions that have been scrutized by multiple teams, so chances of similar crap showing up are minimal.

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上一主题:commodities - roll yied; book5, pg 51
下一主题:DISCOUNT RATE TO MAKE NPV OF 2 PROJECTS EQUAL(CROSSOVER RATE